In 2017, the value of Bitcoin soared to unimaginable heights, even getting past one gold-ounce. In recent years, several new cryptocurrencies have come up in the market, bringing the worth of Cryptocoins’s up to above one hundred billion. Bitcoin is the most popular Cryptocurrency in the market right now. Currently, it has the highest market cap at $41 billion. Bitcoin is widely used all over the world since it does not have any chance of exploitation in the system. It enables users to send and receive Bitcoins both in terms of stored value and payment system. Blockchain is the basic concept on which Bitcoin is based. As such, it is quite necessary for one to understand Blockchain concept for understanding what Cryptocurrencies are.
Litecoin is an alternative to Bitcoin. It aims to resolve several issues which hold down Bitcoin. However, it may not be quite resilient as Ethereum since it derived its value mostly from the adoption of solid users. Litecoin is led by Charlie Lee who is quite known for his transparency. For some time, Litecoin was playing second fiddle to Bitcoin but that changed in 2017. It was adopted and recognised by Coinbase. Next, Litecoin resolved the issue of Bitcoin by using the Segregated Witness Technology which gave it the capability of lowering transaction fees and more.
Ethereum is another Crptocurrency which is gaining momentum. It can do everything which Bitcoin does. However, its primary purpose is to be a platform for building decentralized applications. The differences between Bitcoin and Litecoin lie in the Blockchains. Ethereum has a language script which is more advanced, complex, and has a broader scope regarding applications.
Monero, Zcash, Verdict, Tezos, Bancor, and EOS are the other types of Cryptocurrencies which are gaining more recognition today. In fact, more and more people are making investments in these Cryptocurrencies. One thing is sure about any Cryptocurrency – they are sure to take the financial world by storm in 2018. In fact, this year will see more impact.
